The Northern Mariana Islands will compete with Wyoming to launch a government stablecoin through the stablecoin bill.

According to Financefeeds, the Northern Mariana Islands Legislature overwhelmingly overturned the governor’s veto on May 16 and officially approved the issuance of the government-backed stablecoin “Mariana Dollar” (MUSD). The bill stipulates that MUSD will be fully backed 1:1 by government-held U.S. dollars and Treasury bonds, and will be issued on the eCash blockchain. Marianas Rai Corporation, a Tinian-based technology company, was appointed as the exclusive technology partner. According to the local government, this is not only a financial innovation, but also part of an economic revitalization strategy, and the relevant bill also includes supporting measures such as the issuance of Internet casino licenses. At the same time, the state of Wyoming has passed a similar bill to prepare to issue a “Wyoming Stability Token.” Analysts pointed out that if MUSD can be launched before July, it will become the first local government-issued stablecoin in the United States, and its market performance will provide an important reference for subsequent policies. Experts believe that competition between the two regions may affect the U.S. digital currency legislative process, but there are still challenges in technical implementation and compliance operations. The federal government’s attitude towards such local stablecoin projects will be the focus of attention in the future.